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Discover LudwigThe phrase "The property" is correct and usable in written English.
It can be used when referring to a specific piece of real estate or an attribute of something in a general context. Example: "The property located on Main Street has been appraised at a significantly higher value than last year."
Dictionary
The property
noun
Something that is owned.
Exact(60)
The property market promptly crashed.
The property was in foreclosure.
The property sinks another foot.
The property went into foreclosure.
The property was a shambles.
The property market is deflating.
The property market is flagging.
The property scheme has been shelved.
The property is surrounded by woods.
The property sits tangled in litigation.
"The property was sold last June.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com